PolyOne 4Q Profit Drops
Wednesday January 31, 7:48 am ET
PolyOne 4th-Quarter Profit Falls 34 Percent on Weaker Demand for Resin, Intermediates Products
CLEVELAND (AP) -- PolyOne Corp., which makes plastic compounds and vinyl resins, said Wednesday its fourth-quarter profit fell 34 percent, hurt by softer demand for its resin and intermediates products.
Net income declined to $14.4 million, or 15 cents per share, from $21.7 million, or 24 cents per share, a year ago. The latest results include a $15.8 million gain associated with the reversal of the deferred tax allowance, which was partially offset by a $3.8 million pretax charge.
Revenue decreased 2 percent to $595.2 million from $606.8 million last year. The company blamed the decline to a drop demand for its resin and intermediates products. In Decemeber, the company forecast its fourth-quarter profit would be below the prior-year level, saying a slowdown in demand from the automotive and housing markets proved more drastic than anticipated.
Analysts surveyed by Thomson Financial expected earnings of 5 cents per share.
For the full year, the company posted net income of $123.2 million, or $1.33 per share, up from $46.9 million, or 51 cents per share, last year. Revenue rose 7 percent to $2.62 billion from $2.45 billion.
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